Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Tamboran Resources Corp (TBN)
A forensic read on Tamboran Resources Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
3.8
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-10.3%
ROE
$906M
Market cap
Tamboran Resources Corp earns a C (Mixed — selective) forensic quality grade, and its Altman Z-score is 3.8, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+48.6%Accruals ratio.Net operating assets grew +48.6% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by -2% of net operating assets.
-8%Return on invested capital.Return on invested capital is -8% and slipping from -6% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+55.1%/yrShare-count dilution.Diluted share count changed +55% over the last 1 years to FY2025 (+55.1%/yr). The count is GROWING — existing holders are being diluted. That's ~55.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~55%.
Key fundamentals
Debt / Equity0.15x
Free Cash Flow$-29.9M
Return on Equity-12.8%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Tamboran Resources Corp:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about TBN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown